Community Financial Credit Union Mortgage Rates, Fees & Info

PLYMOUTH, MI

LEI: 5493007XQ4LU452LQJ67

Tax ID: 38-1447620

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Community Financial Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Community Financial Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Detroit, Ann Arbor, Flint, Jackson, and Hillsdale among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Community Financial Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Community Financial Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.42% 4/21/24
    30 Year Conventional Purchase 6.74% 4/21/24
    30 Year Conventional Refi 6.92% 4/21/24
    30 Year Cash-out Refi 6.90% 4/21/24
    30 Year FHA Purchase 6.27% 4/21/24
    30 Year USDA Purchase 7.18% 4/21/24
    15 Year Conventional Purchase 6.49% 4/21/24
    15 Year Conventional Refi 6.23% 4/21/24
    15 Year Cash-out Refi 6.23% 4/21/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Community Financial Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Community Financial Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    1,652

    Origination Dollar Volume (All Markets)

    $219,390,000
    Show all (8) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,182 $169,130,000 $143,088 $2,387 4.81%
    Outside of Metro Areas 305 $26,815,000 $87,918 $2,252 4.77%
    ANN ARBOR, MI (FHA|USDA|VA) 80 $13,380,000 $167,250 $2,682 4.98%
    FLINT, MI (FHA|USDA|VA) 18 $2,070,000 $115,000 $2,650 4.93%
    JACKSON, MI (FHA|USDA|VA) 9 $1,805,000 $200,556 $2,400 4.27%
    Hillsdale, MI (FHA|USDA|VA) 8 $1,290,000 $161,250 $2,250 3.78%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 7 $865,000 $123,571 $2,290 4.53%
    Adrian, MI (FHA|USDA|VA) 5 $745,000 $149,000 $2,384 3.95%
    Alpena, MI (FHA|USDA|VA) 14 $690,000 $49,286 $2,240 6.10%
    MONROE, MI (FHA|USDA|VA) 6 $690,000 $115,000 $2,372 6.14%
    Traverse City, MI (FHA|USDA|VA) 4 $500,000 $125,000 $2,205 3.69%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 5 $495,000 $99,000 $2,070 5.45%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,335 4.75%
    Alma, MI (FHA|USDA|VA) 2 $180,000 $90,000 $2,005 4.00%
    Ludington, MI (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.50%
    Big Rapids, MI (FHA|USDA|VA) 1 $115,000 $115,000 $1,969 3.88%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.50%
    MIDLAND, MI (FHA|USDA|VA) 1 $85,000 $85,000 $1,893 3.75%
    BAY CITY, MI (FHA|USDA|VA) 1 $85,000 $85,000 $0 6.25%
    MUSKEGON, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.25%
    Community Financial Credit Union's top markets include Detroit, Ann Arbor, Flint, Jackson, and Hillsdale among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against COMMUNITY FINANCIAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    Dort Financial Credit Union
    Similarity Rank: 222
    Polish-American Federal Credit Union
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 448
    Extra
    Similarity Rank: 572
    FreeStar Financial Credit Union
    Similarity Rank: 612
    Zeal Credit Union
    Similarity Rank: 936
    ALLIANCE CATHOLIC CREDIT UNION
    Similarity Rank: 1182
    UNIVERSITY OF MICHIGAN CREDIT UNION
    Similarity Rank: 1360

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 937 $156,755,000 $167,295 $2,341 4.35%
    HELOC 700 $60,990,000 $87,129 n/a 5.45%
    USDA 14 $1,530,000 $109,286 $3,598 4.23%
    FHA 1 $115,000 $115,000 $4,907 3.50%

    For 2019, Community Financial Credit Union's most frequently originated type of loan was Conventional, with 937 originations. Their 2nd most popular type was HELOC, with 700 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 403 $29,015,000 $71,998 $2,293 5.67%
    Refi 384 $71,840,000 $187,083 $2,256 3.87%
    Home Purchase 355 $64,545,000 $181,817 $2,522 4.13%
    Cash Out Refi 257 $37,385,000 $145,467 $2,237 4.81%
    Other 236 $15,440,000 $65,424 $2,059 5.91%
    NA 17 $1,165,000 $68,529 $0 5.16%

    For 2019, Community Financial Credit Union's most frequently cited loan purpose was Home Improvement, with 403 originations. The 2nd most popular reason was Refi, with 384 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 828 $72,460,000 $87,512 $1,822 5.40%
    30 Year 508 $104,600,000 $205,906 $2,473 4.01%
    15 Year 158 $27,140,000 $171,772 $2,282 3.76%
    20 Year 81 $11,125,000 $137,346 $2,278 4.78%
    5 Year 49 $1,255,000 $25,612 $0 6.20%
    Other 25 $2,695,000 $107,800 $2,091 5.89%
    3 Year 3 $115,000 $38,333 $1,388 4.41%

    For 2019, Community Financial Credit Union's most frequently cited loan duration was 10 Year, with 828 originations. The 2nd most popular length was 30 Year, with 508 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 683 $125,005,000 $183,023
    $1k-2k 74 $19,220,000 $259,730
    $2k-3k 10 $3,130,000 $313,000
    $3k-4k 6 $2,160,000 $360,000
    $5k+ 1 $955,000 $955,000

    Community Financial Credit Union's average total fees were $2,473, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 683 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 558 $109,520,000 $196,272
    4-5% 437 $59,695,000 $136,602
    5-6% 312 $20,060,000 $64,295
    6-7% 148 $8,910,000 $60,203
    2.5-3% 70 $14,430,000 $206,143
    7-8% 62 $3,460,000 $55,806
    Over 8% 60 $2,270,000 $37,833
    <2.5% 3 $495,000 $165,000

    During 2019, Community Financial Credit Union's average interest rate for loans was 4.01%, while their most frequently originated rate bucket for loans was 3-4%, with 558 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 764 $36,970,000 $48,390 $1,946 5.58%
    $100k-200k 524 $72,220,000 $137,824 $2,311 4.36%
    $200k-400k 307 $81,765,000 $266,336 $2,519 3.90%
    $400k-600k 50 $23,220,000 $464,400 $3,038 3.72%
    $600k-1MM 7 $5,215,000 $745,000 $4,530 3.64%

    2019 saw Community Financial Credit Union place emphasis on $100,000 or less loans with 764 originations, totaling $36,970,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 377 $55,165,000 $146,326 $2,430 4.76%
    $50k-75k 341 $33,745,000 $98,959 $2,260 4.90%
    $75k-100k 297 $38,205,000 $128,636 $2,320 4.79%
    $50k or less 280 $21,400,000 $76,429 $2,189 4.97%
    $150k-250k 261 $45,755,000 $175,307 $2,526 4.69%
    $250k+ 76 $21,920,000 $288,421 $2,949 4.56%

    Community Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 377 originations. The second most popular income band? $50k-75k, with 341 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 420 $57,370,000 $136,595 $2,381 4.58%
    30-36% 336 $45,890,000 $136,577 $2,391 4.78%
    <20% 176 $22,700,000 $128,977 $2,219 4.60%
    50-60% 91 $10,725,000 $117,857 $2,608 5.32%
    37% 68 $8,870,000 $130,441 $2,416 5.15%
    38% 61 $7,035,000 $115,328 $2,459 5.03%
    36% 60 $8,750,000 $145,833 $2,302 4.70%
    40% 55 $8,745,000 $159,000 $2,245 4.63%
    39% 53 $6,505,000 $122,736 $2,410 5.12%
    >60% 51 $6,605,000 $129,510 $2,865 5.25%
    41% 49 $6,915,000 $141,122 $2,254 5.02%
    42% 43 $5,145,000 $119,651 $2,731 5.15%
    43% 41 $6,005,000 $146,463 $2,246 4.72%
    44% 36 $5,060,000 $140,556 $2,187 5.02%
    46% 29 $3,425,000 $118,103 $2,231 4.97%
    47% 25 $2,675,000 $107,000 $2,275 4.92%
    45% 21 $2,165,000 $103,095 $2,363 5.25%
    48% 17 $2,335,000 $137,353 $2,384 4.81%
    49% 17 $1,595,000 $93,824 $2,168 4.91%

    Community Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 420 originations. The next most common DTI ratio? 30-36%, with 336 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,476 $188,620,000 $127,791 $2,357 4.84%
    Not provided 84 $18,580,000 $221,190 $2,448 4.06%
    Asian 23 $4,375,000 $190,217 $2,469 4.69%
    Black 35 $3,535,000 $101,000 $2,274 5.65%
    Asian Indian 17 $2,015,000 $118,529 $2,489 4.90%
    Not applicable 3 $875,000 $291,667 $0 4.80%
    Chinese 1 $405,000 $405,000 $2,552 3.25%
    Other Asian 6 $400,000 $66,667 $2,098 5.27%
    American Indian 3 $375,000 $125,000 $2,249 5.29%
    Other Pacific Islander 1 $95,000 $95,000 $0 5.25%
    Filipino 1 $55,000 $55,000 $0 4.50%
    Native Hawaiian or Islander 1 $35,000 $35,000 $0 5.25%
    Korean 1 $25,000 $25,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    92.07%

    Community Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.26%

    Community Financial Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,652 $219,390,000 $132,803

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $740,000 $370,000
    Single Family (1-4 Units):Manufactured 31 $1,605,000 $51,774
    Single Family (1-4 Units):Site-Built 1,619 $217,045,000 $134,061

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 376 $32,120,000 $85,426 $2,005 5.43%
    40-60% 234 $33,890,000 $144,829 $2,136 4.35%
    60-80% 405 $87,585,000 $216,259 $2,412 3.95%
    80-100% 277 $51,335,000 $185,325 $2,492 4.14%
    Over 100% 1 $125,000 $125,000 $4,282 3.50%
    Under 20% 359 $14,335,000 $39,930 $1,592 5.97%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Closing on a mortgage 1 20.0%
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Trouble during payment process 3 60.0%
    COMMUNITY BANK SYSTEM, INC. Home equity loan or line of credit (HELOC) Closing on a mortgage 1 20.0%